JPMorgan Chase earnings rise, avoids more reserves for bad loans

New York (AFP) – JPMorgan Chase reported higher third-quarter earnings Tuesday behind strength in investment banking, avoiding new reserves for bad loans that have plagued the last two quarters.The giant US bank reported $9.4 billion in profits, up four percent from the year-ago period as revenues were down slightly at $29.9 billion.Like other large banks, JPMorgan had set aside billions of dollars in bad loans the last two quarters due to the coronavirus. But after nearly $20 billion in credit costs in the first half of 2020, the bank reported just $611 million in credit costs in the third qu…

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